Branching on codeplex

First of all, thank you for a wonderful platform for collaboration. It has really helped us at the umbraco project to work together even though we're 14 people in 6 timezones :-)

We released v3 this summer and we'll start the work on v4 very soon, and we could need a bit of advice on how to use codeplex/team system best on that scenario. V4 is a complete refactoring of v3 to use more pure ASP.NET 2.0 concepts like the different provider
models, Masterpages, LINQ in our DAL, etc. But at the same time, we might need to release a patched v3 during the dev of v4. How can we handle that best in codeplex? Branching? Or should we setup a new codeplex project?

I hope you got time to answer this post, over the next six months we'll be working heavily on improving one of the most popular ASP.NET based CMS's, making the code more beautiful and appropriate to MS guidelines :-)

Best,
Niels / umbraco

btw: Sorry for double-posting this in both discussions and contact, but after I used the contact page, I realized that this would probably be interesting for other projects as well, so rather an open discussion on this rather than internal e-mails. Hope it's
ok :-)